The new focus on hospitality properties coincides with Broadreach adding to its team principals of Maritz, Wolff & Co., an investor in luxury lodging properties. Senior executives Philip Maritz, Jeff Barone, Heather Castellari and Pat Lowery have joined Broadreach but will continue to oversee the investments undertaken at Maritz, Wolff.
All of the fund's hospitality assets will be managed in-house by the new hospitality division, a company source tells GlobeSt.com. Broadreach principal Craig Vought did not wish to be interviewed.
Like BRCP I, the new fund is investing in markets such as Seattle, Portland, the San Francisco Bay Area, Southern California, Phoenix and Denver. BRCP I investments included high rise CBD property, R&D product, suburban office, raw land and condominiums.
BRCP II's first acquisition was Sunset Tower, a 200,000-sf, 14-story office building in Hollywood. The fund acquired the building from ScanlanKemperBard Cos. of Portland for $52 million. Time Warner Inc.'s cable news subsidiary CNN occupies 16% of the building and has signage rights, but its lease is expiring and the company is undecided as to whether it should remain in the building at a higher lease rate or relocate.
Broadreach was founded in 2003 by John Foster, Eli Khouri and Craig Vought, the former executive team of Spieker Properties, a public REIT that was acquired by Equity Office Properties Trust in 2001. Maritz, Wolff & Co was founded by Philip Maritz and Lewis Wolff in 1994. The firm has invested nearly $1.3 billion in 20 luxury properties including Four Seasons Hotels in several cities.
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